PTAD disburses N13.87bn pension increment arrears to retirees of PHCN, NITEL, Peoples Bank of Nigeria, others 

Pension Transitional Arrangement Directorate (PTAD) has paid N13.87 billion in pension increment arrears to 18,822 pensioners under the Defined Benefit Scheme (DBS), covering outstanding entitlements through October 2026.

According to a statement issued by PTAD’s Head of Corporate Communications, Olugbenga Ajayi, on Sunday in Abuja, the payments cover arrears arising from the 13.8% and 20.55% pension increments approved by President Bola Tinubu.

The payments cover outstanding pension increases dating back to June 2021, with different arrears periods applying to pensioners of the defunct Power Holding Company of Nigeria (PHCN) and five other defunct agencies.

According to Ajayi, the N9.42 billion paid to former PHCN pensioners represents 65 months of arrears arising from the 13.8% pension increment, covering June 1, 2021, to October 31, 2026.

The remaining N4.46 billion was paid to eligible pensioners of the defunct Peoples Bank of Nigeria, Assurance Bank, NICON Insurance, Nigerian Reinsurance Corporation, and NITEL/MTEL.

The payments to these five groups represent 22 months of arrears arising from the 20.55% pension increment, covering January 1, 2025, to October 31, 2026. Both pension increments were approved by the National Salaries, Incomes and Wages Commission (NSIWC) through a circular dated January 14, 2026.

PTAD described the payments as part of the Federal Government’s commitment to improving the welfare of senior citizens and addressing longstanding pension anomalies. Ajayi said the intervention reflected the administration’s determination to ensure retirees received their entitlements with dignity.

He also reiterated the directorate’s commitment to efficient pension administration, timely payment of entitlements, and continuous improvement in the welfare of pensioners under the Defined Benefit Scheme. PTAD’s latest disbursement follows previous payments aimed at settling outstanding pension arrears and adjusting retirement benefits for eligible pensioners under the Defined Benefit Scheme.